Substituted M-type hexaferrites are highly anisotropic ferromagnetic materials. In this paper, we report the synthesis and characterization of BaZr(CoMn)0.5Fe10O19 powder by coprecipitation method. The effects of ethanol in precursor solution and preheating were investigated. The synthesized powders were characterized with X-ray diffraction, scanning electron microscopy and vibrating sample magnetometer. The experimental results indicated that the powder prepared with the water as solvent exhibit high coercivity of 1.30 kOe and a high saturation magnetization of 38.65 emu g-1, and the powder prepared with the water and ethanol as solvent exhibit low coercivity of 1.01 kOe and a low saturation magnetization of 34.25 emu g-1, at applied field of 30 kOe. The preheating at 400 °C also led to some changes in particle morphology and magnetic property for both powders. The present article discussed the useful patents in the field of application and invention of substituted M-type ferrite.